OKEx Exchange Review 2024: Is It Worth It? + Alternatives
Self-trade refers to a situation where users and their sub-accounts accidentally match their orders, and the users become both the seller and buyer in the trade. OKX maintains different percentages for trading futures and options, but they all use the same structure — only the maker and taker fee percentages change. One last important note is that there are no maker fees for any U.S. The OKX exchange fees include no monthly charges for a trading account. Like most crypto exchanges, it instead takes a small percentage of every trade on the platform.
OKX customer support
- Each article that we fact check is analyzed for inaccuracies so that the published content is as accurate as possible.
- Its parent company also owns Okcoin, a smaller exchange based in San Francisco.
- That said, users may find some news insights on OKX’s social media pages.
- We write product reviews and comparison articles in the field of cryptocurrency.
- In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes.
Crypto traders in the US should consider Kraken, Binance US or Coinbase. For example, you only have Bitcoin options to trade at the moment. There is also relatively limited liquidity for the options market, especially out-of-the-money ones. As for PC clients, OKX has developed a program available on both Mac & PC clients. This is just as functional as the web-based trading platform, although it is likely to be a bit faster. Jumpstart gives users a chance to earn tokens from projects before they launch to the public.
OKX vs Binance Fees
While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. OKEx is a popular crypto brokerage and trading platform that provides some great features for anyone looking okex review to acquire and / or trade crypto. This OKEx exchange review will answer all of your questions about the company and the platform itself, helping you to decide whether or not it’s suitable for you. Thus, pay attention to all the pros and cons to make the right choice. This is thanks to its liquidity and trading volume, as well as the competitive fees offered by a vast global user base.
How to get started with OKX (Previously OKEx)?
If you think one currency is likely to do better than another, you can instantaneously convert it to another coin at market rates. OKX supports conversions between all cryptocurrencies and stablecoins on the exchange. You have to pay to withdraw currency from your crypto wallet, but the costs aren’t fixed. Instead, the OKX platform calculates withdrawal fees on a case-by-case basis, “based on the complexity of completing the transaction.” More complex trades equal higher fees.
Though OKX supports trading with both fiat and digital currencies, it allows only cryptocurrencies to deposit funds into a trader’s account; no OKX fiat deposit is allowed on the platform. Traders can purchase cryptocurrencies on the OKX website with a credit or debit card or transfer cryptocurrencies from other exchanges or any best crypto wallet (or hardware wallet). While OKX seems to offer a promising platform for cryptocurrency trading, there have been allegations of misrepresented trading volumes. This, along with the fact that the platform is not accessible for users in the US and UK, raises some concerns. Thus, a critical review of OKX is essential to determine whether it’s the right choice for ambitious traders and investors. OKX offers some of the most competitive trading fees in the industry.
Buying or Converting Crypto on OKX
Binance truly is a beast and offers pretty much everything under the sun that a crypto user could need. Binance was one of the first exchanges to announce its NFT marketplace in 2021, and it was an instant success. Thanks to NFT support on the Binance chain, users could mint, buy, and sell NFTs with lightning speeds and for fractions of a dollar. Binance launched an innovative new offering to its users which they call Binance Earn. This includes products that allow users to earn passive income on their crypto by utilising a multitude of different products that vary in returns and risk. Binance has a massive arsenal of products to offer its clients, the most in the industry by quite a large margin.
- Traders can get exposed to certain crypto without witnessing full volatility linked with crypto trading.
- Note that higher withdrawal fees may mean faster processing times as miners are incentivised to prioritise your transfer request.
- Whether you’re a seasoned trader or a crypto newbie, navigating the app feels smooth and effortless.
- In practice, altering upper/lower price limits, grid quantity, and leverage is possible.
- As long as you’re in a country where OKX is licensed to trade, you can sign up by providing an email address and password.